The other day I saw a video of Dennis Kucinich, an American Congressman, reviewing a scandal which I thought was years old. It was actually breaking news with important new information. Just when you thought Wall Street’s scandals couldn’t get much worse, details have come to light this week thanks to persistent investigative journalists who’ve revealed that the Federal Reserve gave $7.7 T R I L L I O N (Trillion, with a ‘t’) dollars to banks since 2008, interest free, to bail them out, on top of the TARP money of $800 Billion. If your mind, and sense of rage haven’t both blown up, you’ve either run out of steam or haven’t yet realized how much this has hurt you.
Occupy Wall Street exists in large part due to the people who cooked up this secret Fed loan (which has since been repaid, at no profit to the public, but with plenty of profit to private bankers estimated at $13 Billion). Canadian banks snuggled up to the secret trough too, even though they like to claim they never needed any bailout money. TD Canada Trust, Royal, Scotia, and many other banks all made hundreds of millions of dollars in profit from the American public’s money, in secret, revealed only due to investigative journalism. Congress was deceived (and if it was not, and was secretly in on the scam, then the public has a lot more to worry about).
Americans may be furious that Canadian and world banks made billions from their money, while there are literally millions of Americans living without healthcare that the rest of us take for granted. I expect people to go to jail for this kind of deception. Given what I’ve seen so far, I don’t expect even trials for the criminals who perpetrated this fraud that makes Bernie Madoff look like a schoolyard bully.